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Tax liability

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 June 2018 Received an advance of Rs 10 lakh during April through RTGS for sale of my house at a considered price of Rs 40 lakh. However, due to prolonged delay by the buyer and ill-drafted sale deed I decided to return the advanced money received. It was in my savings bank for three months. My query is whether I have any tax liability for the assessment year 2019-20 and how?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
25 June 2018 No tax liability as advance received is refunded.
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Querist : Anonymous

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Querist : Anonymous (Querist)
25 June 2018 Thanks Mr.Seetharaman for your prompt response.
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